I got a 15 minute video of me going though Grand Prix mode (well, what I could have it. "Factory" is incomplete and you're stuck on the first lap forever, they don't even have the music for it). I'll upload it in a bit.

From what I can see, this was essentially the same version used for the October '97 coverage of Sonic R for the SEGA Saturn Magazine - the same levels are shown [Ruins was shown the month after] as well as the 2 player mode with worse FOV. The main difference between the coverage version and this version is that the Magazine pics had no mention of Sonic Tokens to collect.

I was able to find 7 of the 9 tokens in Resort Island. Tokens also seem to show up in the 2 player mode, but are uncollectable.